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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Griffin Grp. | LSE:GFF | London | Ordinary Share | GB0009530188 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1461M Griffin Group PLC 15 November 2006 GRIFFIN GROUP plc ("Griffin" or the "Group") PRELIMINARY RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2006 FINANCIAL HIGHLIGHTS *Turnover #8.83m (2005: #10.58m) *Profit before tax #613,932 (2005: #565,885) *Profit after tax #456,525 (2005: #184,507) *Earnings per share 1.08p (2005: 0.46p) *Net current assets #2,520,434 (2005: #2,557,016) including cash at bank of #1,284,584 and publicly tradeable investments of #1,074,159 *Net assets #2,520,434 (2005: #1,913,909) equivalent to 5.77p per share (2005: 4.71p) CHAIRMAN'S STATEMENT I am pleased to make this report on behalf of the Group. In the year ended 30th September 2006, Group turnover was #8,834,618 (2005 - #10,585,325), operating profit was #398,813 (2005 - #405,456), interest receivable was #257,744 (2005 - #178,879), interest payable was #42,625 (2005 - #18,450) and profit before tax was #613,932 (2005 - #565,885). Basic earnings per share were 1.08 pence (2005 - 0.46 pence). At 30th September 2006, the Group held cash balances of #1,284,584 (2005 - #904,451) and marketable investments of #1,074,159 (2005 - #925,152). Shareholders' funds had increased to #2,520,434 (2005 - #1,913,909), equivalent to 5.77 pence per share (2005 - 4.71 pence per share). On 16th December 2005, the Group announced the disposal of its US operations for US$825,885, with effect from 1st October 2005. These disposal proceeds represented the net assets disposed of plus US$200,000 of goodwill. The Board made its decision to sell, based on the perceived lack of potential growth and future profitability from the US business. This decision will ensure that management can focus on the more profitable UK operations and obtain an inflow of funds into the UK by converting the US balance sheet assets into cash. The Directors are satisfied with the results for the year which reflect our continuing strategy of establishing UK listed investment companies and then finding suitable investment targets for them. The disposal of the US operations has allowed the Board to focus on growing the profitable UK operation and we continue to review possible investment and business development opportunities. Griffin Corporate Finance Limited ("Griffin Corporate") Business has continued to be busy through the initiation and flotation of PLUS Market companies, with Griffin Corporate acting as both investor and agent. In addition, efforts have been concentrated on completing the reverse acquisitions of our existing investment companies and I am pleased to report that two such transactions were completed in the last half of the year. Work on the remaining investment companies has taken longer than anticipated and will require further cash investment from either Griffin or the Stock Market. Corporate finance fee income amounted to #3.15m (2005 - #3.16m) and investment trading revenues totalled #5.4m (2005 - #5.4m). The new PLUS Market Admissions promoted by Griffin Corporate were as follows: Firenze Acquired a 49% interest in Parkgreen Communications Limited, a Ventures plc provider of public relations and marketing services. Worldwide Admitted with a strategy of investing in small to medium size Natural companies with a focus on manufacturing, services or technology Resources plc companies in the oil and gas exploration sectors. Dovedale Acquired a 30% equity interest in Orientrose Contracts Limited, a Ventures plc specialist building contractor primarily in the leisure industry. One Charter plc An aircraft chartering, brokerage and management company set up to capitalise on the growth in the private aircraft charter sector. One Media Holdings plc Formed to acquire and exploit audio and visual copyright of mainstream music genres. Red Dragon Investments plc Initial investment into an investment business targeting the retailing and engineering sector, and the benefits to be obtained from the lower costs of manufacturing in China. Reverse acquisitions completed during the period: Interbulk Investments plc Acquisition of United Transport Tankcontainers Holdings B.V., an international tank container operator, and Inbulk Technologies Limited, which specialises in the transportation, storage, discharge and conveying of a broad range of bulk solid materials. Avid Holdings plc Acquisition of Pill Protect Limited (formerly 3 Point Blue Limited), a pharmaceutical packaging company. (formerly Euro Investment Fund plc) Clyde Process Solutions plc Acquisition of Clyde Materials Handling Limited, an engineering-led solutions provider to the ferrous metals, non-ferrous metals and minerals industries. (formerly Process Handling plc) Griffin Corporate's policy is not to remain as a long-term shareholder in these companies and whilst management agreements exist whereby Griffin provides administrative support to these new PLUS Market companies, Griffin Corporate looks to input appropriate new executives into these companies at an early opportunity, once the strategic direction of each company has been determined. Griffin Communications Limited ("Griffin Communications") Griffin Communications Limited commenced trading in March 2006 as a provider of marketing, investor relations, public relations and research services, and is able to assist the companies that the Group brings to the Market by ensuring they attract the attention of institutional and private shareholders and the financial and trade press. Group Financial Overview During the year, the Group achieved pre tax profits of #613,932. The Group's net assets as at 30th September 2006 amounted to #2,520,434, equivalent to 5.77 pence per share. Basic earnings per share have increased to 1.08p (2005 - 0.46p). At 30th September 2006, the Group's cash balances were #1,284,584 and the Group also held investments (publicly tradeable on markets in London and New York) at book values totalling #1,074,159; all held for short term disposal. The balance sheet debtors include #1.5m of convertible loan notes which are due for repayment, if not converted into shares, between April 2007 and February 2008. The recoverability of these amounts depends on a number of factors, including the ability of the borrower to raise additional finance and/or the conversion of the loans into equity, which itself will require approval from shareholders and from the Takeover Panel, the completion of the acquisition of a suitable target and realisation of the Group's resultant equity interest. The Directors are currently exploring a number of alternative opportunities and are confident that the value of the loan notes will be recovered in due course. Accordingly no provision is considered necessary at this time. The Group's only debts were the convertible loan notes which were repaid early, with a 10% discount, on 2nd October 2006 for a total of #450,000. The Directors consider that the Group's financial position and its trading position are satisfactory. The Directors continue to actively seek strategic opportunities to achieve increases in the Group's market value. In the year under review, we have increased the Group's profile, developed the UK operating business and increased shareholder value. The employees and advisers of the Group have worked hard to achieve these results and the Board would like to thank all of them for their continuing support and loyalty. Stephen Dean Chairman GROUP PROFIT & LOSS ACCOUNT For The Year Ended 30th September 2006 2006 2005 # # TURNOVER - Continuing operations 8,834,618 9,021,499 - Discontinuing operations - 1,563,826 __________ __________ 8,834,618 10,585,325 COST OF SALES (4,177,596) (5,275,093) __________ __________ GROSS PROFIT 4,657,022 5,310,232 Administrative expenses (4,258,209) (4,904,776) __________ __________ OPERATING PROFIT 398,813 405,456 - Continuing operations 398,813 949,503 - Discontinuing operations - (544,047) Interest receivable & similar income 257,744 178,879 Interest payable (42,625) (18,450) __________ __________ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 613,932 565,885 Taxation (157,407) (381,378) __________ __________ RETAINED PROFIT FOR THE YEAR 456,525 184,507 ========== ========== Basic earnings per share (note 1) 1.08p 0.46p Diluted earnings per share (note 1) 1.08p 0.45p The Group made no recognised gains or losses other than the result for the year. The continuing operations represent the UK operations which are continuing. The discontinued operations represent the US operations which were disposed of with effect from 1st October 2005. GROUP BALANCE SHEET As at 30th September 2006 2006 2005 # # FIXED ASSETS Intangible fixed assets - 100,000 Tangible fixed assets - 6,893 ________ ________ - 106,893 ________ ________ CURRENT ASSETS Investments (note 5) 1,074,159 925,152 Debtors (note 6) 2,780,635 3,483,719 Cash at bank & in hand 1,284,584 904,451 _________ __________ 5,139,378 5,313,322 CREDITORS: Amounts falling due within one year Convertible debt (450,000) (175,000) Other creditors (2,168,944) (2,581,306) _________ __________ NET CURRENT ASSETS 2,520,434 2,557,016 _________ __________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,520,434 2,663,909 CREDITORS: Amounts falling due after more - (750,000) than one year _________ __________ NET ASSETS 2,520,434 1,913,909 ========= ========== CAPITAL & RESERVES Called up share capital - equity 2,183,831 2,033,831 Share premium account 527,349 527,349 Profit & loss account (190,746) (647,271) _________ __________ EQUITY SHAREHOLDERS' FUNDS 2,520,434 1,913,909 ========= ========== GROUP CASH FLOW STATEMENT For The Year Ended 30th September 2006 2006 2005 # # NET CASH INFLOW /(OUTFLOW) FROM 567,743 (574,506) OPERATING ACTIVITIES (note 2) RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest received 257,744 178,879 Interest paid (42,625) (18,450) ________ ________ NET CASH INFLOW FROM RETURNS ON INVESTMENTS & SERVICING OF FINANCE 215,119 160,429 TAXATION UK corporation tax paid (407,269) (119,300) CAPITAL EXPENDITURE & FINANCIAL INVESTMENT Purchase of tangible fixed assets - (2,699) ________ ________ NET CASH OUTFLOW FROM CAPITAL EXPENDITURE & FINANCIAL INVESTMENT - (2,699) ACQUISITIONS & DISPOSALS Net cash disposed of with subsidiary (100,103) - Disposal of subsidiary undertaking 429,643 - ________ ________ NET CASH INFLOW FROM ACQUISITIONS & DISPOSALS 329,540 - EQUITY DIVIDENDS PAID - - ________ ________ NET CASH INFLOW /(OUTFLOW) BEFORE FINANCING 705,133 (536,076) ________ ________ FINANCING Issue of ordinary share capital 150,000 59,650 Costs of share issues - (30,623) Debt finance introduced - 750,000 Debt finance repaid (475,000) (50,000) ________ ________ NET CASH (OUTFLOW)/INFLOW FROM FINANCING (325,000) 729,027 ________ ________ INCREASE IN CASH (notes 3 & 4) 380,133 192,951 ======== ======== NOTES 1 Earnings per share The basic earnings per share are calculated by dividing the profit for the financial year attributable to shareholders by the weighted average number of shares in issue. In calculating the diluted earnings per share, share options and warrants outstanding have been taken into account. The weighted average number of shares were: 2006 2005 Number Number Weighted average number of shares 42,324,981 40,405,344 Effect of outstanding warrants and options - 400,000 ___________ __________ Adjusted weighted average number of ordinary shares 42,324,981 40,805,344 =========== =========== 2 Net cash inflow/(outflow) from operating activities 2006 2005 # # Operating profit 398,813 405,456 Depreciation - 2,087 Amortisation - 105,744 Goodwill impairment write off - 372,712 Provision against investments 110,988 5,057 (Increase)/decrease in investments (258,943) 16,219 Decrease/(increase) in debtors 396,690 (2,842,038) (Decrease)/ increase in creditors (79,805) 1,360,257 ___________ __________ Net cash inflow/(outflow) from operating activities 567,743 (574,506) =========== ========== 3 Reconciliation of change in cash to movement in net funds 2006 2005 # # Increase in cash in the year 380,133 192,951 Debt finance introduced - (750,000) Debt finance repaid 475,000 50,000 _______ _______ Movement in net funds 855,133 (507,049) ======== ======== 4 Analysis of net cash and debt 2005 Cash flow Non-cash 2006 # # # # Cash at bank 904,451 380,133 - 1,284,584 ________ ________ ________ __________ Net funds 904,451 380,133 - 1,284,584 Debt due in less than one year (175,000) (425,000) 150,000 (450,000) Debt due in more than one year (750,000) 750,000 - - ________ ________ ________ __________ (20,549) 705,133 150,000 834,584 ======== ======== ======== ========== 5 The investments represent shares which are publicly tradeable on a recognised market in either USA or UK. 6 The balance sheet debtors include #1.5m of convertible loan notes which are due for repayment, if not converted into shares, between April 2007 and February 2008. The recoverability of these amounts depends on a number of factors, including the ability of the borrower to raise additional finance and/or the conversion of the loans into equity, which itself will require approval from shareholders and from the Takeover Panel, the completion of the acquisition of a suitable target and realisation of the Group's resultant equity interest. The Directors are currently exploring a number of alternative opportunities and are confident that the value of the loan notes will be recovered in due course. Accordingly no provision is considered necessary at this time. 7 The Board of Directors does not propose to pay a dividend. 8 The financial information set out in this document has not been audited and does not constitute statutory group accounts. 9 The report and accounts for the year to 30th September 2006 will be posted to shareholders and, after being laid before the Annual General Meeting, will be delivered to the Registrar of Companies. Copies of the Report and Accounts will be available to the public, free of charge, from the office of Griffin Group plc, Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent, TN11 9BH during normal office hours, with the exception of Saturdays, Sundays and bank holidays, for one month from today. Enquiries: Griffin Group plc Stephen Dean, Chairman 0034 605 282 211 Nabarro Wells & Co Limited David Nabarro 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END FR BUBDBUBBGGLU
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